Investments
RRSP Savings Accounts

Designed to provide income after you retire.

Designed to help you save money for a wide range of goals − not just retirement.

No minimum age requirement to open, as long as you've earned income and filed a tax return. Must be closed by December 31 in the year you turn 71.

Must be 18 years of age to open. There is no maximum age restriction to close an account.

Contributions are tax-deductible, but when you withdraw any funds the amount is taxable.^ⓘ

Contributions are not tax-deductible, but all the interest and income earned is tax-free. Any money you withdraw is tax-free too.^ⓘ

• Percentage of previous year's earned income, plus previously unused contribution room, less any pension adjustment.
• You can carry forward any unused amount to the following year or any year after that.
• Generally, amounts withdrawn cannot be re-contributed (other than under the Home Buyers' Plan or Lifelong Learning Plan) 

• The government has set a TFSA dollar limit of $6,000 in 2022. You also can contribute up to the amount of any unused contribution room from previous years.
• The amount you can contribute is not based on income.
• Amounts withdrawn (excluding amounts withdrawn because of an over-contribution) may be re-contributed starting the year after the withdrawal.

Over-contributions are assessed a 1% penalty per month.^ⓘ

Over-contributions are assessed a 1% penalty per month. ^ⓘ

Not taxed until withdrawn.

Not taxed.

Included in income and fully taxable at your marginal tax rate in the year withdrawn.

Not included in income and are tax-free. Any amount withdrawn (other than due to over-contribution) is added to contribution room the next year.

Withdrawals are considered as income and may impact amounts you receive from income-tied government benefits or credits.

Withdrawals are not considered as income and do not impact amounts you receive from income-tied federal government benefits or credits.